Workday, Inc.
- Open
- 204.99
- Day high
- 211.83
- Day low
- 203.67
- Prev close
- 200.87
- Volume
- 441K
- Mkt cap
- $50.3B
- P/E (TTM)
- 42.2
- EPS (TTM)
- $4.94
- P/B
- 7.8
- P/S
- 5.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$127.4M over the last 3 months (0 open-market buys, 77 sales)
- 🏛Institutions accumulating (13F)
Workday, Inc. (WDAY) is a Technology company listed on NASDAQ. The stock is down 15% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 77 sales (SEC Form 4). Drillr has 2 published research articles covering WDAY.
Workday, Inc. (WDAY) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 24 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WDAY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 27, 2026 | $2.61 | $2.75 | +5.2% | $2.6B | +0.4% |
| May 21, 2026 | $2.52 | $2.66 | +5.7% | $2.5B | +1.0% |
| Feb 24, 2026 | $2.32 | $2.47 | +6.5% | $2.5B | +0.3% |
| Nov 25, 2025 | $2.17 | $2.32 | +6.9% | $2.4B | +0.6% |
| Aug 21, 2025 | $2.11 | $2.21 | +4.7% | $2.3B | -0.1% |
| May 22, 2025 | $2.01 | $2.23 | +10.9% | $2.2B | +0.6% |
| Feb 25, 2025 | $1.78 | $1.92 | +7.9% | $2.2B | +0.9% |
| Nov 26, 2024 | $1.76 | $1.89 | +7.4% | $2.2B | +0.7% |
| Aug 22, 2024 | $1.65 | $1.75 | +6.1% | $2.1B | +0.2% |
| May 23, 2024 | $1.60 | $1.74 | +8.7% | $2.0B | +0.3% |
| Nov 28, 2023 | $1.40 | $1.53 | +9.4% | $1.9B | +0.1% |
| Aug 24, 2023 | $1.24 | $1.43 | +15.1% | $1.8B | -0.4% |
WDAY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 14, 2026 | Garfield Mark S.officer: Chief Accounting Officer | Sell | 918 | $142.19 |
| Jul 13, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 500 | $134.01 |
| Jul 13, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 1,400 | $130.63 |
| Jul 13, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 100 | $138.98 |
| Jul 13, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 14,299 | $135.48 |
| Jul 13, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 1,700 | $133.12 |
| Jul 13, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 27,858 | $136.41 |
| Jul 13, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 39,133 | $137.19 |
| Jul 13, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 20,710 | $138.34 |
| Jul 13, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 1,800 | $132.07 |
| Jul 7, 2026 | DUFFIELD DAVID A10 percent owner | Sell | 13,550 | $130.81 |
| Jul 7, 2026 | Enslin Robertofficer: President, CCO | Sell | 731 | $132.53 |
| Jul 7, 2026 | Sauer Richard Harryofficer: Chief Legal Officer & Secty | Tax | 6,782 | $135.40 |
| Jul 7, 2026 | Enslin Robertofficer: President, CCO | Sell | 593 | $134.56 |
| Jul 7, 2026 | Kazmaier Gerrit Sofficer: President, Prod. and Tech. | Tax | 8,976 | $135.40 |
Source: WDAY SEC Form 4 filings, latest Jul 14, 2026. For informational purposes only — not investment advice.
See the full WDAY insider & 13F page →WDAY research & analysis
[WDAY] Workday Thesis 2026: AI Roadmap and Cost Discipline Test Cloud HCM Growth Premium
Workday Inc. FY2025 (fiscal year ending January 2026) revenue ~$8.4-8.7B (+15-17%) with adj. EPS ~$1.85-2.05 reflecting continued enterprise cloud HCM leadership + selected post-February 2024 restructuring margin expansion + selected Workday Illuminate AI platform monetization + selected Financial Management acceleration + selected operational excellence under CEO Carl Eschenbach (~3-year tenure since February 2023). Leading enterprise cloud HCM + financial management SaaS firm; founded 2005 by Dave Duffield + Aneel Bhusri post-Oracle/PeopleSoft hostile acquisition (selected both founders ex-PeopleSoft executives; selected pioneering cloud-native enterprise architecture vs legacy on-premise SAP + Oracle); IPO October 2012 ~$637M raised at $28/share (selected ~3x first-day pop). Headquartered in Pleasanton California; ~19,000+ employees globally with ~10,500+ customers and ~$8.4-8.7B revenue; fiscal year ends ~January. Subscription revenue ~$7.7B (~91% of total — selected high-quality recurring revenue) + services ~$1.0B (~9%; selected lower-margin implementation revenue). Product mix: Workday HCM ~50%+ revenue (leading cloud HR for ~50%+ Fortune 500 customers including Walmart, Target, Salesforce, Amazon, Google, Bank of America; selected core capabilities: HR core + talent + payroll + time tracking + workforce planning) + Workday Financial Management ~25% revenue ($2.0-2.2B; +20-25% YoY growth significantly outpacing HCM ~12-15%; selected major win at MGM Resorts + Salesforce + Walmart) + Adaptive Planning (acquired August 2018 ~$1.55B; selected enterprise planning + budgeting + forecasting) + selected Peakon (acquired 2021 ~$700M employee engagement) + Workday Strategic Sourcing. Workday Illuminate AI platform launched 2024 (selected next-gen GenAI capabilities embedded across HCM + Financial Management + Adaptive Planning leveraging ~700M+ workers' data; selected partnership with OpenAI + Microsoft + selected vendors; FY2026 expected ~$200-400M+ AI-driven revenue contribution). CEO Carl Eschenbach since February 2023 (succeeded co-founder Aneel Bhusri who transitioned to executive chairman; Bhusri retired from board January 2025 to focus on Greylock Partners; Eschenbach ex-Sequoia Capital partner 2016-2023 + ex-VMware President/COO 2002-2016 joining as ~50th employee scaling to ~$8B revenue + ~14-year operational expertise). Key transactions: 2005 Workday founding + October 2012 IPO + August 2018 Adaptive Planning $1.55B + 2021 Peakon $700M + February 2024 ~9% workforce reduction (~1,750 employees first major restructuring; selected ~$200-300M annualized cost savings; drove adj. operating margin expansion to ~25-27%). Selected dual-class share structure (Class A 1 vote + Class B 10 votes; founder voting control). Capital return: no dividend policy; first buyback program announced August 2024 ($1B authorization; selected ~$300-500M FY2025 deployment); investment-grade Baa1/BBB+ credit rating; net cash $5-7B fortress balance sheet. FY2026 thesis: Illuminate AI monetization + cost discipline + Financial Management expansion + capital return acceleration. Risks: Microsoft Dynamics + Oracle Fusion Cloud competitive intensity, AI commoditization, macroeconomic enterprise IT compression, dual-class governance.
Which enterprise software vendors lose the most as Oracle shifts resources from apps to OCI?
Oracle's aggressive pivot to OCI, reflected in 32.7% forward revenue growth, reshapes enterprise software competition. Workday is most exposed due to direct product overlap, smallest scale, and thinnest margins (-43% stock return), while ServiceNow's platform-agnostic model and 20.9% growth make it the least disrupted.
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Workday, Inc. company profile
Overview
Workday, Inc. (NASDAQ:WDAY) is a leading provider of enterprise cloud applications founded in 2005 and headquartered in Pleasanton, California. The company went public in October 2012 and has established itself as a major player in the Software-as-a-Service (SaaS) market, serving over 10,000 customers globally. Originally founded as North Tahoe Power Tools, Inc., the company rebranded to Workday in July 2005 and has grown to become a dominant force in human capital management and financial management cloud solutions, processing over 800 billion transactions annually for more than 70 million users worldwide.
Business
Workday operates in the enterprise cloud applications industry, providing comprehensive software solutions that help organizations manage their most critical business functions. The company's core offerings center around two primary product suites that address fundamental business needs. The Human Capital Management (HCM) suite represents Workday's flagship offering, encompassing the entire employee lifecycle from recruitment to retirement. This comprehensive platform includes talent acquisition, payroll processing, benefits administration, performance management, learning and development, and workforce analytics. The HCM suite allows HR teams to streamline operations, improve employee experiences, and make data-driven decisions about their workforce. Key components include the Skills Cloud for talent optimization, recruiting solutions, and employee self-service portals. The Financial Management (FINS) suite provides enterprise resource planning capabilities that enable chief financial officers and finance teams to manage accounting, financial reporting, procurement, and spend management. This platform consolidates financial data across the organization, automates financial processes, and provides real-time insights for strategic decision-making. The suite includes general ledger management, financial consolidation, budgeting and planning, and procurement solutions. Workday has also expanded into Analytics and Reporting capabilities, offering augmented analytics that surface business insights through machine learning and provide benchmarking tools that allow companies to compare their performance against industry peers. The company's Workday Extend platform allows customers and partners to build custom applications on top of Workday's infrastructure. More recently, Workday has invested heavily in Artificial Intelligence solutions, launching over 50 AI use cases and introducing role-based AI agents for recruiting, expense management, contracts, payroll, and financial auditing. The company has also developed an Agent System of Record to help enterprises manage AI agents across their organization. Based on recent financial disclosures, HCM represents the majority of Workday's revenue, while Financial Management and other solutions contribute approximately 25-30% of total subscription revenue. International markets account for roughly 25% of total revenue, with continued expansion in EMEA and APAC regions.
Revenue model
Workday operates on a subscription-based Software-as-a-Service (SaaS) business model, generating revenue primarily through recurring subscription fees paid by enterprise customers. The company's revenue streams include subscription services (approximately 92% of total revenue) and professional services (approximately 8% of total revenue). Subscription Revenue forms the core of Workday's business model, with customers paying annual or multi-year contracts for access to cloud-based applications. Pricing is typically based on the number of users (seats) and the specific modules or applications deployed. Large enterprise customers often sign multi-year contracts worth millions of dollars, creating predictable recurring revenue streams. The company's 12-month subscription revenue backlog of $7.63 billion provides strong visibility into future revenue. Professional Services Revenue includes implementation services, training, and ongoing support to help customers deploy and optimize Workday solutions. While this represents a smaller portion of total revenue, it serves as an important customer acquisition and retention tool, ensuring successful deployments and customer satisfaction. Workday's customers are primarily large and medium-sized enterprises across various industries including healthcare, financial services, government, education, technology, retail, and professional services. The company has over 10,000 total customers, with approximately 5,400 core HCM and Finance customers representing the most valuable client relationships. Several factors influence Workday's profitability and margins. Positive margin drivers include the scalable nature of cloud software, where additional users can be added with minimal incremental costs, economies of scale in data center operations, and the company's ability to cross-sell additional modules to existing customers. The partner ecosystem, which now contributes over 15% of new Annual Contract Value (ACV), also helps reduce customer acquisition costs. Margin pressures come from significant investments in research and development, particularly in AI capabilities, international expansion costs, competitive pricing pressure in enterprise software markets, and the need for substantial sales and marketing investments to acquire large enterprise customers. Customer headcount growth slowdowns, particularly in technology and media sectors, can also impact revenue per customer. Additionally, longer sales cycles for full platform deals and increased deal scrutiny from customers during economic uncertainty can affect conversion rates and require higher sales investments.
Competitive moat
Workday possesses a moderate to strong competitive moat built primarily around high switching costs, network effects, and data advantages, though it faces meaningful competitive pressures in certain areas. The company's strongest moat comes from high switching costs once customers implement Workday's solutions. Enterprise software implementations typically take 12-18 months and require significant investments in data migration, employee training, and process reengineering. Once deployed, Workday becomes deeply embedded in customers' daily operations, making replacement extremely disruptive and expensive. The company's impressive 95%+ on-time deployment rate and strong customer retention metrics demonstrate the stickiness of their platform. Data network effects provide another layer of competitive protection. With over 800 billion transactions processed annually across 70+ million users, Workday has accumulated a unique dataset that enables superior benchmarking, analytics, and AI capabilities. This data advantage becomes self-reinforcing as more customers join the platform, improving insights for all users. Workday's comprehensive platform approach creates additional switching barriers by integrating HCM and financial management functions. Customers using multiple Workday modules face exponentially higher switching costs compared to point solutions, and the integrated nature of the platform provides operational efficiencies that are difficult to replicate with multiple vendors. However, Workday faces significant competitive threats. Established players like Oracle, SAP, and Microsoft offer competing enterprise solutions with substantial resources and existing customer relationships. These competitors are investing heavily in cloud transformation and AI capabilities, potentially eroding Workday's technological advantages. Specialized competitors in specific verticals or functions can challenge Workday's platform approach by offering superior point solutions. Additionally, the rise of AI-native HR and finance solutions could potentially disrupt traditional enterprise software models. The company's international expansion faces particular challenges from local competitors who understand regional regulations and business practices better. In emerging markets, cost-sensitive customers may prefer less expensive alternatives, limiting Workday's addressable market. While Workday's moat is meaningful and has strengthened over time, it requires continuous innovation and investment to maintain, particularly in AI capabilities where the competitive landscape is rapidly evolving.
Risks & safety
Workday demonstrates a strong financial position with solid margins of safety across multiple metrics, though valuation remains elevated. Liquidity and Solvency: - Cash and short-term investments: $1.54 billion provides substantial liquidity buffer - Strong free cash flow generation: $2.19 billion annually ($1.03 billion in Q4 alone) - Current ratio: 1.85x indicates healthy short-term liquidity - Debt-to-equity ratio: 0.37x represents manageable leverage levels - No immediate solvency concerns given strong cash generation and balance sheet Valuation Metrics: - EV/EBITDA: 66.2x (elevated but improving from previous quarters) - Price-to-book ratio: 7.7x reflects premium valuation - Graham number: $39 suggests potential overvaluation at current levels - Revenue multiple: approximately 8x trailing revenue indicates premium SaaS valuation Other Considerations: - Subscription revenue backlog of $7.63 billion provides strong revenue visibility - 92% of revenue from recurring subscriptions reduces revenue volatility - Consistent positive free cash flow margins above 25% demonstrate operational efficiency - Strong customer retention rates minimize revenue at risk
Recent development
Over the past few years, Workday has undergone significant strategic evolution focused on three key areas: artificial intelligence integration, international expansion, and platform ecosystem development. The company's most significant pivot has been its aggressive investment in AI capabilities. Starting with basic machine learning features, Workday has rapidly expanded to over 50 AI use cases in production, including role-based AI agents for recruiting, expense management, contracts, payroll, and financial auditing. The launch of Workday Illuminate as a next-generation AI platform and the introduction of the Agent System of Record represent major technological advances. The company has also established a $250 million Workday Ventures fund focused specifically on generative AI investments and acquired companies like HiredScore and Evisort to enhance AI-powered capabilities. International expansion has become a central growth strategy, with international revenue growing from approximately 20% to 25% of total revenue. The company has made significant investments in EMEA and APAC markets, appointed Rob Enslin as President and Chief Commercial Officer to drive global expansion, and achieved notable wins in markets like the UK and Germany. Federal government expansion in the US has also gained momentum with landmark wins at the Defense Intelligence Agency and Department of Energy. The development of a robust partner ecosystem represents another strategic shift, with partners now contributing over 15% of new Annual Contract Value. This includes strategic partnerships with companies like Randstad for talent solutions and an expanded network of implementation partners to accelerate customer deployments. Leadership changes have accompanied these strategic shifts, including the appointment of Carl Eschenbach as sole CEO, the elevation of various executives to drive specific initiatives, and most recently, the addition of Gerrit Kazmaier as President of Product and Technology to lead AI and product innovation efforts. The company has also focused on vertical market specialization, developing industry-specific solutions for healthcare, higher education, state and local government, and financial services, moving beyond its traditional horizontal platform approach to capture specialized market opportunities.
WDAY company profile · for informational purposes only — not investment advice.
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